https://www.taxtmi.com/caselaws?id=181141 The ITAT Ahmedabad dismissed the Revenue's appeal, upholding the decisions of the ld. CIT(A) in two main issues. Firstly, the deletion of notional interest amounting to Rs. 15,74,828 was supported due to lack of evidence for interest income and difficulties in recovery post a search operation. Secondly, disallowance of interest expenses of Rs. 95,429 against an unsecured loan was overturned, as the interest payments were deemed necessary for business purposes, supported by past assessments. en-us Thu, 28 Jul 2011 00:00:00 +0530 Thu, 29 Dec 2016 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181141 The ITAT Ahmedabad dismissed the Revenue's appeal, upholding the decisions of the ld. CIT(A) in two main issues. Firstly, the deletion of notional interest amounting to Rs. 15,74,828 was supported due to lack of evidence for interest income and difficulties in recovery post a search operation. Secondly, disallowance of interest expenses of Rs. 95,429 against an unsecured loan was overturned, as the interest payments were deemed necessary for business purposes, supported by past assessments. Case-Laws Income Tax Thu, 28 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181141